NEW YORK, NY -- (Marketwire) -- 01/03/13 -- Gold stocks have surged recently on optimism that policy makers would come up with an alternative to the upcoming "fiscal cliff". Gold prices have gained 6 percent in 2012, marking its 12th consecutive year of gains. The Market Vectors Gold Miners ETF (GDX) spiked 3.36 percent on the last trading day of 2012. The Paragon Report examines investing opportunities in the Gold Industry and provides equity research on AuRico Gold Inc. (NYSE: AUQ) (TSX: AUQ) and NovaGold Resources Inc. (NYSE: NG) (TSX: NG).
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Gold futures surged 1.2 percent to end the year as news broke a deal to resolve the fiscal cliff was "within sight" according to a statement by the President. Prices for the commodity had been dragged down in December, down 2.1 percent for the month, as investors braced for higher taxes in the coming year.
"Today it appears that an agreement to prevent this New Year's tax hike is within sight, but it is not done," President Obama said. "There are still issues left to resolve, but we're hopeful that Congress can get it done, but it's not done."
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AuRico Gold is a leading Canadian gold producer with mines and projects in North America that have significant production growth and exploration potential. The company is focused on its core operations including the Young-Davidson gold mine in northern Ontario which declared commercial production on September 1, 2012 and the El Chanate mine in Sonora State. AuRico last month completed the sale of the Ocampo mine and adjacent exploration projects "Venus" and "Los Jarros" to Minera Frisco.
NovaGold's Donlin Gold project is a uniquely attractive asset which in terms of size, grade, exploration potential, production profile, and jurisdictional safety, is quite possibly the most important project in the world today. The company is well-funded with a cash balance of approximately $267 million, sufficient to take Donlin Gold through the permitting process.
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